The ultimate success of a software system is determined by its potential to fulfill the intended objectives. In the dynamic landscape of software development, the speed of application development and the adaptability to change are defining factors. The persistent demand for superior, swiftly deployable, and highly user—friendly software systems propel the evolution of Requirement Engineering (RE) to meet diverse development scenarios. Within the realm of RE, ontology emerges as a powerful tool, providing a structured and formal representation of a software system’s requirements. This study delves into the pivotal role of formalizing requirement documents in the wider picture of software development. The emphasis is placed on how this formalization process becomes a catalyst for applying intelligence to develop code. By embracing a structured methodology in requirement documentation, this literature study highlights the potential to amplify efficiency and consistency in the translation of requirements into design models like Unified Modeling Language (UML) and code. In essence, this chapter emphasizes the pivotal connection between formalizing requirements through ontology and the subsequent automatic generation of code, showcasing the integral role of Artificial Intelligence (AI) in this process. This integrated approach not only aligns with the perpetual demand for better software but also provides a systematic and efficient pathway to bridge the conceptualization of requirements with the generation of code.